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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Interest and Dividend Income        
Loans receivable, including loan fees $ 115,822 $ 104,995 $ 230,712 $ 205,095
Investment securities 5,265 5,346 12,124 9,120
Federal Home Loan Bank stock 382 1,677 729 2,258
Deposits with banks 433 368 682 847
Total interest and dividend income 121,902 112,386 244,247 217,320
Interest Expense        
Time deposits 10,619 9,122 21,476 17,914
Other deposits 3,931 3,019 7,571 5,793
Securities sold under agreements to repurchase 3,934 3,934 7,868 7,859
Advances from Federal Home Loan Bank 202 117 308 210
Long-term debt 1,440 1,440 2,880 2,864
Total interest expense 20,126 17,632 40,103 34,640
Net interest income before reversal for credit losses 101,776 94,754 204,144 182,680
Reversal for loan losses (5,150) (2,150) (15,650) (7,150)
Net interest income after reversal for credit losses 106,926 96,904 219,794 189,830
Non-Interest Income        
Securities gains/(losses), net 1,655 (3,332) 1,449 (3,353)
Letters of credit commissions 1,205 1,391 2,486 2,659
Depository service fees 1,385 1,293 2,708 2,594
Other operating income 4,812 6,267 9,955 12,268
Total non-interest income 9,057 5,619 16,598 14,168
Non-Interest Expense        
Salaries and employee benefits 21,501 24,463 48,432 47,079
Occupancy expense 4,484 3,986 8,853 8,007
Computer and equipment expense 2,443 2,292 5,023 4,794
Professional services expense 4,614 4,342 8,982 7,712
Data processing service expense 2,027 1,945 4,277 3,927
FDIC and State assessments 2,763 2,244 5,352 4,504
Marketing expense 1,002 1,321 1,798 2,141
Other real estate owned expense/(income) 493 (1,786) 788 (1,303)
Amortization of investments in low income housing and alternative energy partnerships 27,400 5,467 30,194 7,850
Amortization of core deposit intangibles 173 147 345 324
Other operating expense 1,979 3,164 6,406 6,681
Total non-interest expense 68,879 47,585 120,450 91,716
Income before income tax expense 47,104 54,938 115,942 112,282
Income tax expense 12,273 9,738 34,948 31,102
Net income 34,831 45,200 80,994 81,180
Other comprehensive income/(loss), net of tax        
Unrealized holding gain/(loss) on securities available-for-sale 4,456 (6,395) 14,810 104
Less: reclassification adjustments included in net income 959 (1,931) 840 (1,943)
Unrealized holding (loss)/gain on cash flow hedge derivatives (1,282) 2,328 (4,402) 740
Total other comprehensive gain/(loss), net of tax 2,215 (2,136) 9,568 2,787
Total comprehensive income $ 37,046 $ 43,064 $ 90,562 $ 83,967
Net income per common share:        
Basic (in dollars per share) $ 0.44 $ 0.57 $ 1.02 $ 1.02
Diluted (in dollars per share) 0.44 0.56 1.01 1.01
Cash dividends paid per common share (in dollars per share) $ 0.18 $ 0.14 $ 0.36 $ 0.24
Weighted-average shares:        
Basic weighted-average number of common shares outstanding (in shares) 78,846,237 79,939,197 79,290,378 79,887,699
Diluted (in shares) 79,619,883 80,698,994 80,006,866 80,505,265